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STOCK Act: Latest Political Flimflam Won't Stop Worst Abuses

U.S. President Barack Obama today (Wednesday) signed the STOCK Act into law - a law that doesn't go nearly far enough to rein in Capitol Hill corruption.

A majority of members in both chambers of Congress stymied the efforts of a handful of legislators to make a much tougher law that would have done more to restrict how government officials can profit from non-public information learned on the job.

"This is bipartisanship, but it's not the kind of bipartisanship, cooperation, intended or not, that this nation deserves," said Sen. Chuck Grassley, R-IA, during in a 20-minute floor speech before the vote. "Today's actions only serve the desires of obscure and powerful Wall Street interests."

Grassley was among the few to vote against the bill, which passed 96-3.

The Senate passed the House version of the bill unaltered. Back in February both chambers passed different versions of the bill, with the Senate version having the stricter provisions.

But Senate Majority Leader Harry Reid, D-NV, opted to vote on the weaker House version of the bill instead of sending the bill to a conference committee.

The new law will have some effect, albeit a minimal one.

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The STOCK Act: Lawmakers Forced to Admit They Must Obey The Law

Six years after the bill was introduced, the House joined the Senate today (Thursday) in approving the STOCK Act, which basically says that members of Congress must obey insider trading laws.

The House voted 417-2 to approve the STOCK Act; the Senate vote last week was 96-3.

You'd think that lawmakers wouldn't need prodding to obey laws that apply to everyone else, but their behavior has said otherwise.

By the legislators' own admission, an insider trading law shouldn't even be necessary.

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